Coinbase Adds Support For Bitcoin to Coinbase Wallet App

An announcement made on February 5 stated that Coinbase (The United States based cryptocurrency exchange and wallet) has included BTC (Bitcoin) to the Coinbase’s Wallet app. Coinbase announced in the month of August (2018) that ‘Toshi’ (decentralised open source app browser and wallet) will be rebranding to become Coinbase Wallet.

The crypto exchange explained that the Coinbase wallet is not similar to the main app as Coinbase stores cryptos which are bought by customers along with their private keys, whereas this wallet protects stored cryptos by its own unique private key. Initially, the new update for the Coinbase wallet will be specifically for IOS and Android next week, and the support for Bitcoin will by default be activated when customers choose to get the coin on their wallet. With the SET (Secure Enclave Technology), the private keys of the users will be encrypted on the device itself.

According to the announcement, Segwit and Legacy addresses are supported by Coinbase wallet. Moreover, the Coinbase wallet for Bitcoin Testnet for developers while powering the users. The exchange platform also noted that they have intentions of including Litecoin (LTC). Bitcoin Cash (BCH) and all other significant cryptocurrencies to the wallet.

Coinbase also launched support for the residents of the European Union in order to make withdrawals of fiat currencies to Paypal (online payment system) on February 5. Also, in the month of January Coinbase added assets for the United States customers for claiming crypto trades on taxes by integrating the entire system with TurboTax (Tax Software).

As reported earlier, Ledger (cryptocurrency hardware wallet firm) came up with a wallet based on Bluetooth ‘Ledger Nano X’ which enable the customers to keep 100 crypto assets by controlling them on a mobile device. Recently, Blockchain.com (A major crypto wallet) added support (partially) for BSV (Bitcoin SV). The platform does not have any immediate plans for making this support permanent.

Moeen Khan is a Content Writer and Social Media Writer who actively writes about Blockchain Technology and Cryptocurrencies at Coinpublish.
Moeen has previously worked with two start-up companies in New Delhi that were in the financial sector. He has interned with organizations like NDTV Goodtimes and Magicbricks (TOI Group). This experience has given him a broad knowledge base upon which he is working to build further through learning and practice.

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